Bitcoin resistance - BTC broke great level

The significant night movement saw local highs of $ 54,500 and a new hope that support levels will now focus on $ 50,000. Bitcoin (BTC) managed a strong resistance of $ 52,000 and reached historic highs during the night of March 8-9.

The price of BTC has reached two-week highs

Data from TradingView showed that the price of BTC / USD reached local highs on Tuesday at 54,500 USD. Amid high volatility, the target of the increase on the day focused on $ 53,500 – still above strong resistance.

Analysts tracked the $ 52,000 as a line in the sand to secure the next phase of Bitcoin. Although the weekend produced a healthy rise, Bitcoin still had to consolidate $ 50,000 as strong support.

However, against 24-hour gains above 8%, the picture improved rapidly on Tuesday after evidence showed that $ 47,000 had become powerful support.

  • summed up market commentator and contributor to the German daily Die Welt Holger Zschaepitz on Twitter:
Holger Zschaepitz

According to Goldman, institutional interest separates the latest increase in bulls from the rise in retail sales in 2017. Much of the institutional demand was caused by fears of asset devaluation.

Zschaepitz referred to Goldman Sachs’s findings, which also revealed that 40% of its clients had already experienced cryptocurrencies.

$ 70,000: “Fate awaits”, next Bitcoin resistance?

The institutional picture became even higher on Monday after one of the wealthiest people in Norway opened a spin-off company focused on Bitcoin, which used BTC as the only cash register.

“BITCOIN CAN BE VERIFIED, DIVIDED, ASSEMBLED, STORED, AND TRANSPORTED PRACTICALLY WITHOUT COSTS. IT’S A PERFECT RARE DIGITAL BENEFIT. “

-written by Kjell Inge Røkke in a widely circulated letter from shareholders.

“ONLY THE ALLOWANCE OF THE CHEAPEST ELECTRICITY IN THE WORLD IS NEEDED TO MAINTAIN THE OPERATION OF THE NETWORK. ELECTRICITY PROVIDES THE NETWORK. NO TRUSTED PARTIES OR WEAPONS ARE NEEDED. I CALL THIS IS PROGRESS. “

Elsewhere, watchers watched the bullish mood unfold in Bitcoin’s Daily Moving Average Convergence / Divergence (MACD) indicator, which was set to repeat the February march record-high $ 58,300 on Monday.

“Fate awaits,” added filbfilb, an analyst at Cointelegraph Markets. According to the Fibonacci sequence, the essential and target area is $ 70,000 and higher.

Conclusion

It’s a ride with Bitcoin. Are you holding on and waiting, or are you still preparing to buy? Do you believe the price of BTC will climb to $ 70,000?

Also, read our article about holding onto Bitcoin and if it is the right move right now.